Fixing at loops.
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Credit Card Money rotation, TATA BYE BYE!
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https://www.thehindubusinessline.com/money-and-...
RBI cracking down on P2P credit card transactions
Central bank targeting rent and tuition fee transactions
After barring Visa from undertaking certain commercial business-to-business (B2B) credit card transactions, the Reserve Bank of India is now seen cracking down on peer-to-peer (P2P) credit card payments made via third-party service providers, sources told businessline.
This comes after the central bank has found instances of retail customers using credit cards to pay rent and tuition fees through third party apps.
These third-party players, usually fintechs, allow customers to make a credit card payment to their authorised merchant account. They then instantaneously transfer the money to the bank account of the recipient (for instance a landlord in case of rent payments) in exchange for a commission.
“Credit card transactions are only meant to be between merchants and customers (P2M). If funds are being routed through an escrow account operated by a third party, it is bypassing the regulations and will not be allowed,” a senior official said.
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“Credit card transactions are only meant to be between merchants and customers (P2M). If funds are being routed through an escrow account operated by a third party, it is bypassing the regulations and will not be allowed,” a senior official said.
- @abhishek012 what is this
bhai rbi ko kya dikkat he logo rent ho ya tutuion fee credit card se pay kar rhey hain to.
RBI be like :-
Na khaunga Na khane doonga
Na khilane doonga😂😂😂😂😂😂
Which means, RBI should ask Banks to provide cashback to all merchants..like say Axis excluded Jewellery/Govt. Transactions/Education..
These are all merchants too but they excluded from cashback.. Probably one sided decision.
Sole discretion of bank😈
Albele Tange Wale..........
Time for action!
Contents - Shared
Opinion - Never used cc for any such thing so no opinion.
A lot of people will hate me for this but let's be honest,
16 year old kids rotating their dad's money using credit cards and then getting IT notices.
Unemployed folks rotating money and then getting into debt traps.
Students showing off ultra-premium cc's without any salary.
All of this can harm the people - their finances, credit profile and CIBIL score in the long run even though they might be angry right now, it is for their benefit.
Can't agree more.
Here at my place lot of working staff ( 10-12k salary ) getting cc easily and transferring the same to bank accounts or aiyashi and then running here and there for EMI then borrowing for that EMI and so on.
Its happening quite at a significant scale.
So the move is definitely much needed.
SnaPay crying in the corner, left the chat
I tried it 2-3 times when it worked with an AU card - 5% CB + 5x Reward points were worth it somehow but then, thought of ITR and stopped 😝
Good decision on my end at the right time. It's not good in financial sense.
Good move. It will provide better experience for people who use it for actual spends and also for the CC industry in the long run.
wheneevr there is RBI is in news we know it is for some bad news,
What about insurance premium payments being excluded from reward points?? Why RBI is silent on it?? Is it not violation?? This transaction is also between a merchant and buyer..
So you want RBI to direct banks to give you Money at 0 intrest for 45 days and also give you rewards and cashback as you are doing great favour on Respective bank by borrowing money from that.
Its the banks complete authority to give 100 % or 0% cashback on any transaction. You can't force that.
So glad to hear this.
Now make getting credit cards stricter.
Whats the point as banks getting their money paid and user pay their money
RBI should not do this. We need more and more financially broke people So others can enjoy perks of being financially aware
Headline sahi hai kya? Ho to raha.. kab se band ho raha ..
landlords are technically also "merchants".
Then ask landlords to get business BANK account using GST, they i agree for your argument or else no
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Which means, RBI should ask Banks to provide cashback to all merchants..like say Axis excluded Jewellery/Govt. Transactions/Education..
These are all merchants too but they excluded from cashback.. Probably one sided decision.
A lot of people will hate me for this but let's be honest,
16 year old kids rotating their dad's money using credit cards and then getting IT notices.
Unemployed folks rotating money and then getting into debt traps.
Students showing off ultra-premium cc's without any salary.
All of this can harm the people - their finances, credit profile and CIBIL score in the long run even though they might be angry right now, it is for their benefit.